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shea2k
New Member

What if I filed my taxes by April 15th but forgot to make my retirement contribution into my solo k plan? Can i still contribute what I reported on my return?

 
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dmertz
Level 15

What if I filed my taxes by April 15th but forgot to make my retirement contribution into my solo k plan? Can i still contribute what I reported on my return?

Unless you requested a filing extension by April 15, you cannot make a solo 401(k) contribution for 2018 after April 15, 2019.

Assuming that you did not request a filing extension, you must amend your 2018 tax return to remove the self-employed retirement contribution that you did not make and pay the additional taxes that result from the removal of this deduction.

There can also be other potential side effects that result from the increase in AGI.  In particular, if you made any Roth IRA contributions, make sure that the contributions have not become excess contributions.

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dmertz
Level 15

What if I filed my taxes by April 15th but forgot to make my retirement contribution into my solo k plan? Can i still contribute what I reported on my return?

Unless you requested a filing extension by April 15, you cannot make a solo 401(k) contribution for 2018 after April 15, 2019.

Assuming that you did not request a filing extension, you must amend your 2018 tax return to remove the self-employed retirement contribution that you did not make and pay the additional taxes that result from the removal of this deduction.

There can also be other potential side effects that result from the increase in AGI.  In particular, if you made any Roth IRA contributions, make sure that the contributions have not become excess contributions.

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